I appreciate that I can't sell long-held VCT shares and claim tax relief if I participate in a new issue of shares in the same trust within 6 months. I also understand that, if I sell shares in a VCT, HMRC construes me to be selling those I've held for longest.
What, then, if I have 5000 shares in trust X, held for more than 5 years and, this year, participate in its new issue, buying another 5000, wait one day after the new shares are issued, then sell the 'old' 5000?
Clearly I carry investment risk and need more free cash to work this way.
But, is it caught by the 5-year rule or not?
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